S outhern P ennsylvania

Real Estate Journal — Southern Pennsylvania — July 12 - 25, 2019 — 5C


M id A tlantic

GRCA assists farm to obtain financing

Property located in the Rittenhouse Square submarket HFF closes sale of 50,000 s/f DowntownPhiladelphiaMOB

is the oldest industry in Berks County, and it is still a viable and essential enterprise as evidenced by diversification of production connected to many of these loans”, said Randy Peers , president and CEO of GRCA. “I am also very proud of the work Deb Heffner did on this particular loan. Heff- ner has added PIDA financing to her program portfolio, and she handled this application with the high level of profes- sionalism she brings to all her economic development work”. Deb Heffner, GRCA Busi- ness outreach director noted, “We have seen an increase in utilizing PIDA for agribusi- ness lending, as more farmers are becoming aware of this low interest financing oppor- tunity which reduces their overall expansion costs”. 

READING, PA — The Greater Reading Chamber Alliance (GRCA) announced t h a t t h e Pennsylva- nia Indus- t r i a l De - velopment Authority (PIDA) ap- p r o v ed an economic de- velopment loan at its June board meeting in Harrisburg. Jeffrey and Tracy Rohrer have been approved for $400,000 in PIDA loan funds for the building of a chicken pullet house on their farm on Naftzingertown Rd. in Upper Bern Twp., near Mohrsville. “The GRCA is proud to sup- port agricultural businesses in our area. The family farm Deb Heffner LANCASTER, PA — Paul Fulmer and Philip Wolgemuth , who were in the vanguard of Lancaster’s redevelopment when they bought and transformed the dormant Champion Blower & Forge Co. building on Harrisburg Ave., are end- ing their partnership on that path-breaking project. Fulmer said he has sold his interest in in the upscale Champion Forge retail cen- ter and the former Snavely Lumber site toWolgemuth to focus on new projects under his Fulmer Group real estate consulting and brokerage banner. “I amworking on a couple of projects that I’ve been work- ing on for the past year, and this transaction will make it possible for me to focus completely on those,” said Fulmer, who, with Wolge- muth, bought the 4.5-acre Champion Forge-Snavely site in 2003, becoming the first private-money develop- ers on the corridor that sub- sequently included Clipper Magazine Stadium and the Lancaster Arts Hotel. Fulmer called his new project, in Lancaster, “poten- tially transformational,” just

HILADELPHIA, PA — Holliday Fenoglio Fowler, L.P. (HFF) has closed the sale of 1740 South St., a 50,000 s/f, medical office building in the Ritten- house Square submarket of Philadelphia, on behalf of the seller, Chestnut Funds and Anchor Health Properties . 1740 South St. is adjacent to the Penn Medicine Ritten- house campus, which compris- es a 96-bed hospital, licensed through the Hospital of the University of Pennsylvania. Renovated in 2010, 1740 South St. is 97% leased to a di- verse mix of private physician groups. The HFF investment advi- sory team representing the seller was led by members of HFF’s healthcare capital mar- kets team, includingmanaging P PHILADELPHIA, PA — Duquesne Commercial Funding has successfully arranged $10.8 million in com- mercial property loans in the Philadelphia area including an on-spec development, an office building, and a Family Dollar. 1) Chester Creek Business Center Construction Loan • Loan Amount: $5,700,000, 75% of Total Project Cost • Loan Purpose: Ground up construction of 72,000 s/f of flex warehouse space • Term: 18-month Interest- Only with two 6-month exten- sions The team at Duquesne Com- mercial Funding (DC Fund- ing) worked closely with the developer of the Chester Creek Business Center located in As- ton, Pennsylvania, to deliver on their financing objectives. Developed on-spec, the prop- erty did not have a release in place for the warehouse at the time of financing. To secure a loan, the Duquesne team relied heavily on its long- time lender relationships and achieved a smooth closing on a complex transaction. Chester Creek Business

1740 South St.

higher education institutions, including the adjacent UPenn Health System, the oldest health system in the country; and 9th top-ranked in 2018,” noted Appel. 

directors Ben Appel, Evan Kovac, directors Andrew Milne and Zachary Drozda . “Philadelphia is home to one of the nation’s largest con- centrations of healthcare and

Fulmer sells interest in ChampionForge retail center

DC Funding arranges $10.8 million in Phila. commercial property loans

as the Champion Forge proj- ect was nearly 20 years ago. “I have been working on a significant real estate acqui- sition and repositioning proj- ect for a few years that will likely have a very limited window of opportunity for funding and execution over the next 12 to 18 months. I need to be prepared to move quickly when the window opens. “Phil and I have had a great partnership, and I know he’ll continue to be a good steward of that proper- ty and develop new projects that Lancaster can be proud of. I also tip my hat to the Champion Forge tenants, employees and customers. They’re all a big part of the success we continue to have there.”  Champion Forge retail center

Chester Creek Business Center

Center 2) Purchase of Family Dollar Shopping Center in Sharon Hill, PA • Loan Amount: $2,500,000 • Rate: 4.65% • Term: 10-year fixed with a 25-year amortization “The primary challenge for this loan was our timeline. A 60-day rate lock was secured, but additional work and time were required to ensure all of the documentation was updat- ed and in order. Thanks to our long-term relationship with BB&T, the bank president, James Andreacci, stepped in and extended the rate at no additional cost to the borrower saving the client thousands of

dollars in fees,” said Gerard O’Malley, managing partner at Duquesne Commercial Funding. “The buyer obtained an aggressive loan-to-value at an attractive interest rate with a low escrow." Family Dollar Shopping Center in Sharon Hill, PA 3) Franklin Street Office Building in Bucks County • Loan Amount: $2.6 million • Rate: 4.50% • Term: 10-year fixed with a 25 -year amortization The DC Funding team lever- aged its extensive lender net- work and relationships to source a great rate and favorable terms to refinance the Franklin Street Office Building. 

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